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Exchanging process when deposit is in a 3 month notice account?

(8 Posts)
user27378 Fri 09-Oct-20 11:40:49

Has anyone does this? How does this work? I want to be able to exchange on a house before school application deadline but my deposit is in a Moneybox LISA, will we not be able to exchange until the actual cash gets to the vendors conveyancer?

OP’s posts: |
bethany39 Fri 09-Oct-20 11:43:13

Moneybox say "Once your Lifetime ISA has been open for at least 12 months, you can withdraw your funds penalty-free for a qualifying house purchase. Your LISA is considered open once you make your first contribution into the account."

I can't find anything referencing the 3 month notice?

ComtesseDeSpair Fri 09-Oct-20 13:49:20

Assuming your account is the 95 day notice one? You need to be able to provide - generally - 10% of the purchase price upon exchange so yes, you’ll need to have funds available before that can take place.

DespairingHomeowner Fri 09-Oct-20 16:58:54

Completion is when funds transfer, but give notice now .... buying a house normally takes 12 weeks so this should have been done at the start....

Trevorina Sat 10-Oct-20 12:18:43

I'm planning on transferring my moneybox Lisa to a provider with a shorter notice periid

Dahokolomoki Sat 10-Oct-20 20:40:48

Move your money to another easy access LISA account now if its in a 3 month notice period. You need to be flexible, in case you need to move quickly for any opportunities.

user27378 Sun 11-Oct-20 00:50:45

@bethany39 when I opened it I'm certain it was a 30 day notice account but I've just checked FAQ's too, and it says when you've made an offer on a house, contact us a few weeks before completion for the forms for your conveyancer, so that sounds straightforward. Either I've been mistaken or they've changed it. I'll try the online chat on Monday to double check.

If it is a three month notice account, those saying move it, wouldn't I then lose my 25% bonus I've accrued?

OP’s posts: |
Trevorina Sun 11-Oct-20 08:56:38

Not if you transfer it to another Lisa, you must use the 'transfer' function. Do not 'withdraw' the money then place it into another Lisa as then you will lose some money. This is my understanding anyway. MSE has info on this.

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